Weekly Tanker Time Charter Estimates, July 12 2017

Opec still pumping too much oil and according to the latest statements of the region Saudi Arabia is expected to cut crude oil shipments to its customers in August by more than 600k bbls/day.

The plan is to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment. On the shipping markets, rates keep declining for VLCCs and Suezmaxes which expected to be around $28,000/pdpr and $18,000/pdpr respectively for 1 year t/c period.